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Sponsors
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History
- Referred to judiciary
- Referred to judiciary
Full text
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Sponsor's memo
BILL NUMBER:S272
Title of bill
An act to amend general obligations law, in relation to money deposited or advanced for use or rental of real property
Purpose
To eliminate a landlord's entitlement to one percent of the interest upon the security deposit money of a tenant.
Summary of provisions
Section 1 amends subdivision 2 of section 7-103 of the general obligations law by eliminating a landlord's entitlement to one percent of the interest upon the security money of a tenant.
Section 2 is the effective date.
Justification
When this law was originally created, the prevailing interest rate on the security deposit money was 6%, leaving the tenants with 5%. Today, the rate is 1.1 % or lower. With a 1.1 % interest rate, tenants are only entitled to just one-tenth of the interest. With such a low interest rate, the tenants should be entitled to the total interest.
Bill history
S.2376 of 2007/2008; Referred to Judiciary. S.3204 of 2009/2010; Referred to Judiciary
Fiscal implications
None.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.